Let met first state: no offense to other personal finance bloggers out there, but there are only so many ways to talk about debt. Unlike most Americans, I admire you’ve taken action and decided to document the process to get out of debt. However, you can talk about Dave Ramsey’s “debt snowball” in only so many ways, or how to cut corners with your budget.
The whole purpose of Investor Junkie is to discuss topics no one else is discussing. To zag when everyone was zigging. There is a classic proverb I believe in: if you do what everyone does, you’ll get what everyone has. No truer words have been spoken when applying the proverb to personal finance.
Getting out of consumer debt is easy. You spend less than you earn and pay off your debt with the difference. To discuss investing, while not technically difficult, is typically beyond the grasp of many Americans. It’s not an instant gratification, and it takes a lot of time to see results.
Ironically, most personal finance blogs mimic what we see in society: lots of debt and very little investing. The “getting out of debt” personal finance blogophere is a crowded niche. There are many blogs that discuss this topic, and typically the demographic who also reads the articles has no money. It’s like trying to draw blood from a stone.
So while I believe it’s an important topic to discuss, don’t expect business income miracles if you target this niche. I also prefer to discuss more positive topics, and investing is one of them. To me, consumer debt is a very negative topic and emotion. Incurred debt is because of something you did in the past. I would rather discuss my future and my children’s future, which investing is all about.
Investing is about growing and assumes the future is better than the present, that you’ll have more money in the future than now. The universe is ever expanding, and so should your finances!
A few personal finance bloggers state if you focus on writing great articles, your blog will become successful. Nothing could be further from the truth! If that were the case my friend from college, who wanted to be the next Steven King, would have been wealthy years ago. He’s a great writer but lacks business skills.
Writing is just one aspect of a successful blog.
Are You a Business or Hobby?
If you want your online venture to be a serious business, you must treat it as such. Otherwise your blog is a hobby.
There is nothing wrong with a hobby; just understand it isn’t a business and won’t generate much income.
So while you still need to write compelling articles, it’s much more than just that. This is no different than a business that focuses only on the technical aspects, without the sales, marketing and customer service. The business will fail miserably, and the same applies to a blog.
My point in writing this post isn’t to boast how great my blog is or why others fail miserably. My point is if you want to get somewhere, you must focus on that, massively.
Know the true purpose of your business, and make sure you are climbing the right ladder.
What Is Your Purpose?
For example, this website isn’t about me. It’s about educating others about various business and investment topics. While I may get something from writing and researching articles, it’s not the primary purpose. The primary purpose is to empower others to make better investment decisions.
In addition, simply focusing on debt reduction will reduce the debt. There is no question about it. Which is fine up to a point, but it will not make you financially independent. I assume this is the real outcome everyone wants to achieve, but in reality people rarely achieve it. The sad fact in our society is many consider the lottery as a form of “investing.”
Statistics show most people by 65 years old are either dead broke or dead! Most will run out of money before they run out of life, which is a very scary thought. I suspect many who write these personal finance blogs are in the 20s and 30s. It’s best now to start focusing on saving and investing, even if you still are in debt.
Learn as much as you can now, even if you have little or no money to invest. Because if you really want to achieve your goal, you’ll need to understand investing. If you are a personal finance blogger, step up and know your true purpose. Be more than just a writer.